MacRumors has confirmed that the forthcoming version of iTunes will contain a built-in ringtone creation utility for songs purchased via the iTunes Music Store. Users will be able to right-click on purchased songs and select "Make into Ringtone," which will give them a small audio workspace to select the 30 seconds they want to use as a new ringtone. According to MacRumors, the use of this feature will cost $.99 per track--a fee which goes toward licensing the music for your mobile phone. That means the total fee for a ringtone is $1.98.
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